|
The fine folks at Midwest Striptease of all places, yes, that's correct, strippers, had some questions about their bookkeeping situation. They run a nationwide talent agency (actually two, check out their other stripper for hire site) for both male and female strippers in cities like Orange Beach , West Palm Beach, and Miramar Beach and sometime deal in cash as you can imagine is quite common in this industry. Most dancers are, nonetheless, self-employed and therefore considered independent contractors by the IRS. They earn by cash and non-cash tips which are subject to income taxes.
These tips can be harder to keep track of compared to having check payments or direct bank deposits that are associated with a salary or wage. We look forward to assisting them going forward. Our friend Anthony hipped (is that even a word) us to the good folks at Highlands Medical and Wellness Primary Care and we have begun doing some basic bookkeeping for them. They are a wonderful doctor's office located in Carrollton Texas and provide the following in terms of services for both new and existing clients and patients:
We are thankful to work with such an awesome group of primary care providers and look forward to a long and positive relationship. Check them out for all your general health needs. College Sports Lawyers and Legal RepresentationThe law firm of Vela Wood PC just put out a great new blog post about college athlete lawyers and how they can help a young athlete progress in their career. We deal with many such cases and offer book keeping to NCAA athletes. However, the blog post points out some of the nuances lost in the shuffle.
From the blog and Clark, their resident Texas TABC attorney: "As an NCAA inspector in 2014, I helped discipline eight Michigan State football gamers for getting free tattoos and profiting off their jersey memorabilia. A ninth participant who never obtained preferential treatment labored part-time at Subway after an harm introduced his college time to a fast end. I hit him with questions in his small dwelling as his girlfriend made dinner and their son drove a Tonka truck throughout my Jordans. His eyes filled up as he recounted a once-promising NCAA football profession that ended with out a diploma, no long-term well being care, and fixed stress over how he would offer for his residence. My stomach literally turned as I left our assembly. I used to be informed my job was to advertise equity, however there was nothing truthful about what occurred to that younger man or many like him. It turned more and more evident to me that NCAA guidelines designed to stop this practice as a substitute permit a group of universities and their wealthy company companions to revenue off the athletes, who too usually find yourself with little. Soon thereafter, I fled the NCAA and tried to sue my former employer on behalf of college athletes to problem the principles I had simply stood by. The four-year case, which I helped spearhead for the primary three, in the end succeeded in removing the NCAA’s monopoly on education-related benefits, however many issues still remain." Important Commercial Real Estate Trends for 2020
A combination of burgeoning technology and necessary changes due to the outbreak of the CoronaVirus have made a notable impact on the commercial real estate industry as in all other walks of life. Here’s a look at some of the most important trends we’re seeing begin to emerge in CRE and a glimpse at how they will affect the market. Standard Office Buildings Leaving the Building With the rather dramatic onset of the CoronaVirus, there has been a sudden and rapid insurgence of remote working employees. Because people are being forced to work from home in many cases, there is naturally less of a demand for large, traditional style corporate buildings. Some sources, such as JCan Inc. Sod and Grass, predict there to be a certain amount of staying power to this trend, even beyond the eventual containment of the virus. Any number of positions that remain operable from remote, home-based locations will leave office buildings less densely populated. Of course this then reduces the need for expensive amenities and may see some major companies downsizing in one way or another over the short term. Coworking Facilities Here to Stay As a relatively new concept, Coworking companies target free-lance and remote workers as well as SMEs who can benefit from shared services and a sense of community. From a Real Estate standpoint, the idea took off very quickly and has been a pretty hot trend. In fact, between the years 2006 and 2015, the demand for such spaces nearly doubled. Despite the failed IPO of the major coworking company WeWork and its immediate impact on the industry, there is a fairly positive outlook that the demand for such office space will continue. In fact, we could very well see a combination of home based telecommuting and coworking as the world adapts to the Coronavirus. Integrated Technology and Smart Buildings With less people in office buildings at one time, there has been an increased need to keep overhead costs to a minimum in the buildings which are still being used on a daily basis. Here is where Smart Building technology such as IoT and AI come into play and why they will become the norm. The ability to match occupancy patterns to energy use is a big reason as to why such technology is in demand. This enables the building to require less energy usage when there are less people inside. And this is just the beginning. As technology continues to advance, built in infrastructures will become the norm, even connecting such smart buildings to the immediate environment or a surrounding “smart grid.” This trend has fairly long-term implications. Even low-tech roofing companies and pool fence suppliers will be affected by this switch. Last Mile Delivery is Hot The technology giant Amazon is on the tongue of major commercial real estate publications for a number of reasons. For one thing, the company is leading a trend toward increasing use of space for last mile delivery. This service is defined as the movement of goods from a warehouse to its final destination and focuses on accomplishing this as quickly as possible. Though there has been some demand for newer, larger, high-tech facilities of this type, there appears to be an even greater need for smaller, well located urban properties that can get products to consumers in rapid pace. As people continue to rely on the internet more and more, we will see a steady growth in the business demand for such properties. A Rise in Ghost Kitchens As a significant percentage of last mile delivery type facilities, there has been a recent rise in the number of Ghost Kitchens and need for food storage buildings. This comes as an obvious response to the increased amount of food and beverage e-commerce. People are ordering more groceries and meals online as a result of sheltering from Covid. Many food chains and restaurants are in need of buildings that are designed to include a kitchen and cold storage without the need for onsite dining areas. Grocery stores are also jumping on board with “last mile’ distribution hubs in order to quickly fill online orders. This has created a demand for a specific type of storage facility, which should continue to be on the rise in the years to come. And What About Globalization In the way that technology has connected the world for e-commerce, it has also opened up a door for offshoring of services and manufacturing as well as inviting wealthy international investment within the commercial real estate industry. In the past several decades, we have seen more and more of this, making it a definite trend. However, the current world political scene, the Trump regime, and the Coronavirus have all had a very dramatic effect on globalization in general in recent years. There is much uncertainty surrounding the outlook of how this will affect the market in the years to come, which is why it is such a hot-button issue in the year 2020. There is a general feeling that globalization cannot be stopped, but it certainly can be slowed down. As far as any immediate impact on the CRE industry, we can only speculate at this time. To summarize the current commercial real estate outlook, Technology is in the driver’s seat and the Coronavirus is directing traffic for the time being. As the situation evolves, we’ll continue to see the industry adapt. Does a Local Tax Office Allow a P.O. Box Address on a tax return, W-9, or W-4?
Yes, they will let you use a P.O. box address on your annual return only if your post office doesn’t have access to deliver mail to your home. The W-9 and W-4 instructions do not specifically say if a P.O. box is allowed, however, the 1040 (tax return) instructions state that a P.O. box is allowed if mail is not delivered to your home address. This is often the case! If you are changing your address in the near future and are uncertain of your next home address, a P.O. box may be the best fit for your needs. Ultimately the IRS wants to ensure you’re receiving their contacts and that you respond promptly to any inquiries they happen to mail out. If mail being stolen is a serious concern where you reside, we always recommend the most logical and most stable option to ensure you receive any communications from the IRS. In this circumstance, a P.O. box may be the top option to allow you receive any letters or refund checks coming to you. If you need to change your mailing address with the US, there are three convenient ways to change the address kept on file:
It’s important to note, according to Bailey at Cedar Creek Lake Jet Ski Rentals, that if you update your address by mail it can take the IRS several weeks to get your file updated, so make sure you have mail forwarding set up with your post office. Through our partnership with the newly formed Valor Consulting, we've added some great referrals including an appliance repair service to our client base. We look forward to assisting the following companies as they grow and expand their business into 2020:
Outside of Butler, these companies are all based in the Dallas area. Why? Because the DFW metroplex has seen some of the strongest economic activity in recent years and wasn't hit too hard by the recession. Simply put, they have a roaring economy. We look forward to matching these great companies with the top CPAs in their metro areas. You may contact us for more info if you feel you or your firm are in a similar situation. Our coalition of bookkeepers has helped some of the top local businesses across Texas over the past month. New satisfied clients include the following contractors and repair specialists:
These local businesses rely on our network of consultants and independent CPAs for all their bookkeeping needs. We look forward to providing them with quality advice for many years to come and growing their businesses. This list is a mix of local service businesses as well as retailers and neither is beyond our reach. Thanks to a top local group of CPAs in East San Diego for getting back to us with this answer to a reader's question regarding the classification of assets and liabilities on the balance sheet.
Overview: On the balance sheet, assets and liabilities are classified as either current or long term to indicate relative liquidity. Liquidity is a measure of how quickly items can be converted into cash. Current assets: These assets can be expected to be converted into cash within the next twelve months or within the business's normal operating cycle if longer than a year. Cash, accounts receivable, notes receivable due within one year, and prepaid expenses are current assets. If a business is involved in merchandising (the sale of goods), the balance sheet contains an additional current asset - inventory. Any CPA firm would agree. Long term assets: These assets include land, buildings, furniture and fixtures, machinery, and notes receivable due after one year. Current liabilities: These are debts that are due to be paid within one year or within the normal operating cycle, if longer. Examples include notes payable, accounts payable and salaries payable. Long-term liabilities: These liabilities, managed by accountants, are not classified as current. They consist of such items as mortgages notes payable, etc. The following question ("How do you prepare a worksheet for a service business in North Albuquerque?") was recently posed by a local CPA firm in the North Albuquerque, NM area. Their response for our readers:
The unadjusted or opening trial balance is prepared in the first two columns of the worksheet. Adjustments are then made to the accounts to arrive at an adjusted trial balance. Account balances from the adjusted trial balance then go either to the income statement or to balance sheet columns. Local CPAs in the North ABQ area weigh in on preparing a worksheet: The preparation of the worksheet provides a quick review of all of the ledger balances as well as the adjusting journal entries.
Special thanks to Kent's CPA firm in south Orlando for sending in this tidbit about bank reconciliation.
There are two records of a company's cash: its cash account in the general ledger and the bank statement. The two balances are rarely in agreement and require a competent CPA firm to help. The bank statement: This monthly statement mailed by the bank to the business indicates what the business has in its cash account. The general ledger: This records the day-to-day transactions of the business. According to the south Orlando accountants, reasons for discrepancies include:
|
My Hometown CPAs - BlogRead advice submitted by local firms and find CPAs and accountants by metro area and US region. Blogroll FASB Accounting Glossary A Taxing Matter Blog Anthony G Adams Kay Bell Texas Grumpy Old Accountants 
Archives
April 2023
Categories |
RSS Feed
